Asymmetric Payoffs, Thracian Capital Management

Asymmetric Payoffs

Thracian Capital Management

FX & Rates

Japan has only one way to get out of its debt load— by completely devaluing its currency, which will happen sooner or later. But getting the timing right is very important, so you have to be very tactical on your entry points or buy cheap long-dated optionality, or both

Japan has only one way to get out of its debt load— by completely devaluing its currency, which will happen sooner or later. But getting the timing right is very important, so you have to be very tactical on your entry points or buy cheap long-dated optionality, or both

Long JYA Currency (Japanese Yen Future) Mar '17 86-Strike Puts at $0.26

CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

Macroeconomics

Fed watching 2.0Automated, systematic  analysis of central bank policy makers offers significant,  actionable insights as iIlustrated by Bank of Japan and the Bank of England with implications for the Yen and GBP.

Fed watching 2.0Automated, systematic  analysis of central bank policy makers offers significant,  actionable insights as iIlustrated by Bank of Japan and the Bank of England with implications for the Yen and GBP.   

Asia Economic Research, Centennial Asia Advisors

Asees Bajaj

Asia Economic Research

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

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Employment inches up: The unemployment rate came in at 3.1% in Jun 16, down from 3.2% in May 16. The number of persons employed rose by 470,000. Participation rate came in at 60.5% in Jun 16, up from 60.1% in May 16.</li>
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Exports still lacklustre: Exports fell 7.4% y/y in Jun 16, up from a 11.3% y/y fall in May 16. Imports fell 18.8% y/y in Jun 16, down from a 13.8% y/y fall in May 16. The trade balance registered a surplus of JPY335bn in Jun 16, up from JPY295bn in May 16.</li>
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But spending remains…</li>
</ul>



Employment inches up: The unemployment rate came in at 3.1% in Jun 16, down from 3.2% in May 16. The number of persons employed rose by 470,000. Participation rate came in at 60.5% in Jun 16, up from 60.1% in May 16.

Exports still lacklustre: Exports fell 7.4% y/y in Jun 16, up from a 11.3% y/y fall in May 16. Imports fell 18.8% y/y in Jun 16, down from a 13.8% y/y fall in May 16. The trade balance registered a surplus of JPY335bn in Jun 16, up from JPY295bn in May 16.

But spending remains…


Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

Japan continues to exert heavy influence on Thailand's economy. A weaker yen can benefit Thai exporters, especially in automobiles, due to the close integration between their supply chains. It benefits outbound tourism to Japan at the expense of inbound tourism to Thailand (hurting hotels and healthcare), but overall, the airport and airline stocks, who are agnostic to direction, will benefit.

Japan continues to exert heavy influence on Thailand's economy. A weaker yen can benefit Thai exporters, especially in automobiles, due to the close integration between their supply chains. It benefits outbound tourism to Japan at the expense of inbound tourism to Thailand (hurting hotels and healthcare), but overall, the airport and airline stocks, who are agnostic to direction, will benefit.

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

On 8th July, the outstanding arbitrage position fell to 385 million shares, which is the lowest since February 2009, when the Lehman Crisis was reaching its nadir as far as the Japanese stock market is concerned. What appears to have happened is that the June roll-over was proceeding smoothly and a position of over 500 million shares had been built up in the September contract, three days before SQ, when ETF-related cash programs forced the futures into a discount and traders halted the…

On 8th July, the outstanding arbitrage position fell to 385 million shares, which is the lowest since February 2009, when the Lehman Crisis was reaching its nadir as far as the Japanese stock market is concerned. What appears to have happened is that the June roll-over was proceeding smoothly and a position of over 500 million shares had been built up in the September contract, three days before SQ, when ETF-related cash programs forced the futures into a discount and traders halted the…

Japan Outstanding Futures Arb Position Hits Post-Lehman Low

Japan

Listed Index Fund JPX-Nikkei Index 400 is an exchange-traded fund incorporated in Japan. The objective of the fund is to provide investment resulets that corresponded to the performance of the JPX Nikkei Index 400.

Listed Index Fund JPX-Nikkei Index 400 (1592 JP)

Price Gauge
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Listed Index Fund JPX-Nikkei Index 400 (1592 JP)

Long JYA Currency (Japanese Yen Future) Mar '17 86-Strike Puts at $0.26

Japan has only one way to get out of its debt load— by completely devaluing its currency, which will happen sooner or later. But getting the timing...

Asymmetric Payoffs

Fed Watching 2.0

Fed watching 2.0Automated, systematic analysis of central bank policy makers offers significant, actionable insights as iIlustrated by Bank of...

ClearMacro

The BOJ's Credibility Hit

Employment inches up: The unemployment rate came in at 3.1% in Jun 16, down from 3.2% in May 16. The number of persons employed rose by 470,000....

Asees Bajaj

Abenomics the Sequel

Japan continues to exert heavy influence on Thailand's economy. A weaker yen can benefit Thai exporters, especially in automobiles, due to the...

Athaporn Arayasantiparb, CFA

Japan Outstanding Futures Arb Position Hits Post-Lehman Low

On 8th July, the outstanding arbitrage position fell to 385 million shares, which is the lowest since February 2009, when the Lehman Crisis was...

Pelham Smithers Associates

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)